Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
The data reveals several important trends and fluctuations in the financial performance and comprehensive income components over the five-year period.
- Net Income
- Net income exhibited a strong upward trajectory from 2019 through 2021, rising sharply from 467,468 thousand USD in 2019 to a peak of 1,014,589 thousand USD in 2021. However, this was followed by a significant decline in subsequent years, with net income decreasing to 715,501 thousand USD in 2022 and further dropping to 448,752 thousand USD in 2023, reflecting a reversal of earlier gains.
- Foreign Currency Translation Adjustment (net of tax)
- This component showed considerable volatility, beginning with a negative adjustment of -10,991 thousand USD in 2019, shifting to a positive 48,903 thousand USD in 2020, then reverting to negative adjustments in 2021 and 2022 (-36,207 thousand USD and -29,031 thousand USD respectively), before improving again to a positive 17,407 thousand USD in 2023. The fluctuating currency translation adjustments suggest exposure to exchange rate movements impacting the company’s reported results.
- Unrealized Gains (Losses) on Marketable Securities
- Unrealized gains and losses on marketable securities followed a generally negative pattern after 2020. There were modest gains in 2019 and 2020 (6,015 and 5,839 thousand USD respectively), followed by losses in 2021 (-2,255 thousand USD) and 2022 (-12,666 thousand USD). In 2023, this trend reversed to a moderate gain of 2,423 thousand USD. These fluctuations indicate changing market conditions impacting the valuation of these securities.
- Reclassification Adjustments Related to Marketable Securities
- Reclassification adjustments, which correct gains or losses previously recognized and later realized, showed negative amounts in early years (-690 thousand USD in 2019, -2,365 thousand USD in 2020, and -995 thousand USD in 2021), swinging to a small positive adjustment in 2022 (301 thousand USD) and near neutral in 2023 (44 thousand USD). This movement reflects adjustments to prior-period unrealized gains or losses as they are realized.
- Available-for-Sale Marketable Securities
- This line item showed a decreasing net position starting from 5,325 thousand USD in 2019 down to negative figures in 2021 (-3,250 thousand USD) and 2022 (-12,365 thousand USD), then improving to 2,467 thousand USD in 2023. The trend corresponds broadly to the unrealized gains/losses noted earlier, suggesting shifts in the valuation of these securities.
- Cash Flow Hedges and Related Adjustments
- Cash flow hedge adjustments started appearing in 2022 with a negative amount of -2,517 thousand USD, followed by a positive adjustment of 3,023 thousand USD in 2023. Reclassification adjustments relating to these hedges showed a negative adjustment of -2,441 thousand USD in 2023. These figures reflect the company’s use of hedging instruments and market fluctuations affecting hedge valuations.
- Amortization of Prior Service Credit / Defined Benefit Post-Retirement Plan
- This item remained steady at a minimal negative value of -7 thousand USD annually from 2020 through 2023 following a higher negative adjustment of -148 thousand USD in 2019. The stability suggests limited impact from post-retirement plan amortizations in recent years.
- Other Comprehensive Income (Loss), Net of Tax
- This component was highly volatile, with a negative figure of -5,814 thousand USD in 2019, swinging sharply to a positive 52,370 thousand USD in 2020, then reverting to negative adjustments in 2021 (-39,464 thousand USD) and 2022 (-43,920 thousand USD), before recovering to a positive 22,890 thousand USD in 2023. The swings indicate considerable variation in non-net income comprehensive items affecting total comprehensive income.
- Comprehensive Income
- Comprehensive income largely mirrored the trends in net income and other comprehensive income components. It peaked in 2020 at 836,517 thousand USD and remained strong in 2021 at 975,125 thousand USD before falling significantly in 2022 to 671,581 thousand USD and further to 471,642 thousand USD in 2023. This reflects the combined impact of net income volatility and fluctuations in other comprehensive income items.